No Banks No Hassle Peer To Peer Loan
At Marco Cash For Cars, have partnered with SOLO Funds to offer our vistors an opportunity to qualify for small loans for immediate emergency.
Solo Funds operates as a peer-to-peer lending platform, so the "approval" process is a bit different from traditional lenders. Here's a breakdown for new customers looking to download the app and get a loan:
1. Eligibility Requirements:
Before you even download the app, make sure you meet the basic criteria:
Age: You must be at least 18 years old.
Residency: You must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card.
Bank Account: You'll need to link a valid bank account and debit card to your profile. Solo Funds uses this information to calculate your "Solo Score" (more on that below) and to disburse and collect funds.
Identification: You'll need to provide your Social Security number and scan a state-issued ID (driver's license, state ID).
2. Downloading the App:
App Stores: Solo Funds is available on both the Apple App Store (for iOS devices) and Google Play Store (for Android devices).
Search: Simply search for "Solo Funds: Lend & Borrow" in your device's app store.
Install: Download and install the app on your smartphone.
3. Account Setup Steps:
Once the app is installed, you'll go through a series of steps to set up your account:
Basic Information: You'll be prompted to enter basic personal information.
Identity Verification: This involves providing your Social Security number and scanning your state-issued ID as part of Solo Funds' AML/KYC (Anti-Money Laundering/Know Your Customer) obligations.
Bank Account Linkage: You'll connect your primary bank account and debit card. This is crucial as Solo Funds uses your bank account history (account balances, account age, transaction history) to determine your "Solo Score."
Create SoLo Wallet: You'll be required to open a checking account with Bangor Savings Bank (an FDIC-insured institution) to facilitate transactions on the Solo Funds platform. This "SoLo Wallet" becomes the default payment method for funding and repaying loans.
4. The "Approval" Process (Requesting a Loan):
Solo Funds doesn't have a traditional loan "approval" process in the same way a bank does. Instead, it's about whether individual lenders on the platform choose to fund your request. Here's how it works:
Create a Loan Request: As a borrower, you create your own loan request within the app. You'll specify:
Amount: First-time borrowers are typically limited to a maximum loan amount of $100. As your Solo Score increases and you repay loans on time, you may be able to request larger amounts, up to $625.
Repayment Term: You set your desired repayment term, typically up to 35 days.
Loan Purpose: You must explain why you need the loan. Be clear and concise (e.g., "Car repairs," "Utility bill," "Groceries"). A detailed and compelling reason can increase your chances of getting funded.
Optional Tip: You can choose to add an optional tip for the lender. While not mandatory, it can incentivize lenders to fund your request. You also have the option to add a donation to Solo Funds.
Solo Score: Solo Funds calculates an in-app "Solo Score" based on your linked bank account information (account balances, history, etc.). This score is provided to prospective lenders to help them assess your repayment ability. A higher Solo Score generally indicates a more reliable borrower.
Lender Review: Once you submit your request, it enters the Solo Funds marketplace where individual lenders review it. Lenders consider factors like your Solo Score, transaction history, and the clarity of your loan purpose.
Funding: If a lender chooses to fund your loan, you'll receive a notification, and the funds can be disbursed to your Solo Wallet quickly, often within 20 minutes.
No Funding: If your loan request is not funded within three days, it will automatically be canceled, and you can create a new request. Solo Funds does not approve or deny loans; it's entirely up to the individual lending members.
Key Points for New Borrowers:
Start Small: Be prepared that your first loan request might be limited to $100.
Build Your Solo Score: Repaying loans on time and in full is crucial for increasing your Solo Score, which can lead to higher loan amounts and a greater likelihood of getting funded in the future.
Clear Purpose: A well-written and specific loan purpose can make your request more appealing to lenders.
Patience: While funding can be fast, it depends on a lender picking up your request. If your request isn't funded immediately, don't get discouraged; you can create a new one.
Remember, Solo Funds is a financial technology company and not a bank. The lending is peer-to-peer, so your ability to get a loan relies on other community members choosing to fund your request.
